Government welcomes passage of Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026
The Government welcomed the passage of the Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026 by the Legislative Council today (November 4) to implement in Hong Kong the Crypto-Asset Reporting Framework (CARF) and the latest amendments to the Common Reporting Standard (amended CRS) developed by the Organisation for Economic Co-operation and Development (OECD).
The Central Government Offces. Photo source: reference image
In light of the rapid development of digital asset markets in recent years, the OECD published CARF in 2023 to provide for the automatic exchange of tax information on crypto-asset transactions with partner jurisdictions on an annual basis, and amended the CRS to cover digital financial products and enhance the requirements regarding reporting and due diligence.
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "Hong Kong has been supporting international efforts in enhancing tax transparency and combatting cross-border tax evasion. Implementing the latest international standards for automatic exchange of information in tax matters is crucial to maintaining Hong Kong's reputation as an international financial and commercial centre. Aligning with the latest international standards will reinforce the confidence of crypto-asset service providers, financial institutions and digital asset users in operating and making long-term investments in Hong Kong."
The Secretary for Financial Services and the Treasury, Mr Christopher Hui. Photo source: reference image
CARF will be implemented in Hong Kong next year when relevant service providers will be required to collect the information specified under the framework for the Inland Revenue Department (IRD) to exchange with partner jurisdictions starting from 2028. The amended CRS will also take effect in 2028, and the IRD will automatically exchange financial account information with suitable partners in accordance with the new standard starting from 2029. Hong Kong will conduct information exchanges on a reciprocal basis and on the premise of data confidentiality and security.
To assist the industry in adapting to the new requirements and to enhance tax certainty, the IRD will issue relevant guidance and has set up a dedicated team to provide technical support to the industry and address their enquiries.
Since 2018, Hong Kong has been conducting automatic exchange of financial account information with partner jurisdictions annually in accordance with the CRS developed by the OECD, assisting relevant tax authorities to detect and combat tax evasion.
SITI attends 2026 World Internet Conference Wuzhen Summit
The Secretary for Innovation, Technology and Industry, Professor Sun Dong, attended the Global Cooperation and Innovation Forum on Mutual Trust, Interconnectivity and Interoperability of AI Agents - Jointly Building the Intelligent Internet as well as the Cross-Strait, Hong Kong and Macao Internet Development Forum of the 2026 World Internet Conference (WIC) Wuzhen Summit held in Wuzhen, Zhejiang, today (November 4). During the summit, he also attended the Opening Ceremony and the Ministerial Meeting yesterday (November 3) where he exchanged the latest status of Hong Kong's innovation and technology (I&T) developments with representatives of government institutions, international organisations, enterprises and research institutes from various places.
Addressing the Global Cooperation and Innovation Forum on Mutual Trust, Interconnectivity and Interoperability of AI Agents - Jointly Building the Intelligent Internet this morning, Professor Sun stated that the Hong Kong Special Administrative Region (HKSAR) Government is actively aligning with national development strategies and promoting the innovative development of artificial intelligence (AI) and AI Agents. He stated that the HKSAR Government is advancing related development in three areas: promoting the wide application of AI and AI Agents, improving the governance framework, and fostering international exchanges and co-operation. He also mentioned that the HKSAR Government and the Hong Kong Artificial Intelligence Research and Development Institute will jointly issue a set of AI Agent safety-management guidelines applicable to the entire community next year. This will further enhance the governance framework for AI development and application, ensuring that the technology is developed for good, safe and manageable means. The HKSAR Government will also actively support the country's Global AI Governance Initiative by organising a large-scale international AI conference in Hong Kong to promote open sources and openness as well as co-operation and sharing.
Professor Sun attended the Cross-Strait, Hong Kong and Macao Internet Development Forum in the afternoon and delivered the opening remarks. He said that HongKong is developing new quality productive forces through technological innovation and has positioned AI as a core industry for future development. To that end, the HKSAR Government is developing a new paradigm of "three major innovation and technology parks and five key research and development institutions", further enriching the I&T development system and public research infrastructure, thereby injecting new impetus into the economy.
Professor Sun said that the HKSAR Government is fully advancing the "AI+" development strategy, leveraging AI to empower all sectors and drive the growth of the digital economy and smart society. The HKSAR Government has already established the Committee on AI+ and Industry Development Strategy to co-ordinate the deep integration of AI with industry. The Sandy Ridge Data Facility Cluster, located in the Northern Metropolis, has already begun construction. It is projected to provide computing power of 180 000 peta-floating point operations per second (PFLOPS) after 2030. This capacity will provide pivotal support for the development of AI and the digital industry. The HKSAR Government will also inject an additional HK$1billion into the Artificial Intelligence Subsidy Scheme to support frontier research and the development of an intelligent computing industry.
The Acting Commissioner for Digital Policy, Mr Daniel Cheung, also delivered keynote speeches today at the Cybersecurity Forum for Technology Development and International Cooperation, and the Digital Economy Forum of the summit.
Professor Sun and Mr Cheung attended the Opening Ceremony of the summit yesterday (November 3). Professor Sun also attended the Ministerial Meeting and spoke on "Working Together to Take a People-Centered Approach and Develop AI for the Positive and for Good". He reaffirmed that Hong Kong upholds a people-centred approach to AI development and, under Hong Kong's First Five-Year Plan, Hong Kong is committed to building an international I&T centre. He also introduced the "AI for All" Inclusive Programme; Hong Kong's governance strategy of balancing development and risk management; as well as its role as a "super connector" and a "super value-adder" in promoting international collaboration on AI. In the afternoon, Mr Cheung visited Zhejiang Qiangnao Technology Co Ltd and DBAPPSecurity Co Ltd, to learn about the innovative development achievements and practical applications of the two enterprises in technology fields such as life and health, brain-computer interfaces, and cybersecurity.
In addition, the Digital Policy Office's project "The Government of the Hong Kong Special Administrative Region: Multi-party Collaboration to Safeguard Cybersecurity for Major Events such as the 15th National Games and Ensure Cross-boundary Cybersecurity" was commended as an outstanding case of "Jointly Building a Community with a Shared Future in Cyberspace" in 2026. On the day before yesterday (November 2), Mr Cheung attended the certificate presentation ceremony for outstanding cases of "Jointly Building a Community with a Shared Future in Cyberspace", and represented the HKSAR Government to receive an outstanding case certificate and give a presentation on the case. On the same day, he also attended the 2026 edition of the Straight to Wuzhen Global Internet Competition - the Wings of Digital Innovation Night and took the opportunity to cheer for the Hong Kong teams that had won in the Asia-Pacific regional competition and wished them great success in the final.
Professor Sun and Mr Cheung concluded their visit today and returned to Hong Kong in the evening.
SITI attends 2026 World Internet Conference Wuzhen Summit Source: HKSAR Government Press Releases
SITI attends 2026 World Internet Conference Wuzhen Summit Source: HKSAR Government Press Releases
SITI attends 2026 World Internet Conference Wuzhen Summit Source: HKSAR Government Press Releases
SITI attends 2026 World Internet Conference Wuzhen Summit Source: HKSAR Government Press Releases
SITI attends 2026 World Internet Conference Wuzhen Summit Source: HKSAR Government Press Releases
SITI attends 2026 World Internet Conference Wuzhen Summit Source: HKSAR Government Press Releases
